Canadian Imperial Bank of Commerce (NYSE:CM) Holdings Trimmed by Ritholtz Wealth Management

Ritholtz Wealth Management lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,008 shares of the bank’s stock after selling 2,385 shares during the period. Ritholtz Wealth Management’s holdings in Canadian Imperial Bank of Commerce were worth $789,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $26,000. SBI Securities Co. Ltd. purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $30,000. Sandy Spring Bank acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $32,000. IFP Advisors Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares in the last quarter. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.2%

Shares of CM stock opened at $68.44 on Thursday. Canadian Imperial Bank of Commerce has a 12 month low of $47.11 and a 12 month high of $69.88. The stock has a 50 day moving average of $64.59 and a 200-day moving average of $62.34. The firm has a market cap of $64.34 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.49 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the business posted $1.75 EPS. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 4.11%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 47.10%.

Analysts Set New Price Targets

Several research analysts have weighed in on CM shares. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a “sector outperform” rating on the stock. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a report on Friday, May 30th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average price target of $109.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.